AEV 4.55% 2.1¢ avenira limited

cash burn, forward pricing, missed opportunity

  1. 13,126 Posts.
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    Have read a lot of uninformed commentary by new posters on the MAK thread of late. Let me explain why some of the strategies employed by the board have 'misallocated' scarce financial resources since 2008.

    But before I go on I am a shareholder because the volume of weight falling in behind the food crisis pt 2 story will overwhelmingly force this to rise.

    The most common argument I have heard is it hasn't made sense to put all available resources into bringing Wonarah into production because phosphate prices haven't justified it. Well yes that is what happened prior to the first phosphate price spike when you think about it. No investment went into Wonarah UNTIL prices spiked. The phosphate story was not appreciated for what it could have been. Phosphate prices then collapsed and since there is NO futures market available to forward price and hedge, MAK lost its lustre.

    This time around money goes to BON, it goes to ailing gold producers ... neither relevant to Wonarah and neither disclosed as sinks for raised funds. And now we are arguably no closer to production, phosphate prices will likely again spike, MAK will once again NOT be producing and once again have no means of locking away attractive prices when they return.

    I honestly don't think management believe the phosphate story can be what it will be even after seeing the lofty heights of 2008.

    I hold but shudder to think what the next announcement out of management will actually be about.

    Incitec is probably the safest investment. Good luck
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